Intesa Sanpaolo seeks to buy private bank

Italy’s Intesa Sanpaolo is seeking to buy an international private bank with a market value similar or lower than its own division.

“I want have the control of this entity after the acquisition so my target is in the range of my private banking division value” or lower, CEO Carlo Messina said in an interview on Bloomberg Television with Francine Lacqua in London.

Intesa’s private banking division is valued at €10bn to €15bn, depending on price-earnings or price-to-book value, he said.

“A strategic target could be an international brand to have an international diversification through the wealth management activity,” Messina told Bloomberg TV, adding that “nothing is on the table.”